Micro Capital Loan Program
Micro Capital Loan Program
The Bath Development Corporation Micro Capital Loan Program provides low-interest loans up to $7,500 for one-time capital expenses including but not limited to equipment, machinery, furniture, and technology. This loan program is available for start-up and existing Bath-based businesses. The intention of this program is to provide low-interest loans to spur positive economic development in the City of Bath.
If you have questions about the program or need assistance, contact Misty Parker, Director of Economic & Community Development at mparker@cityofbath.com or (207) 443-8830 x4.
Instructions:
Please complete the application and provide the additional items requested.
Click here to view the application.
Submission Timeline
· All loan applications must be submitted at least 30 calendar days before the meeting at which they will be considered. The Bath Development Corporation meets the first Monday of each month at 1pm.
· Applications submitted after the 30-day deadline will not be reviewed at the upcoming meeting and will be deferred to the next available meeting.
· If an application is incomplete, it will be returned to the applicant for additional information. The application will not be considered until all required documentation is received. If submitted less than 30 days before the meeting, it will be deferred to the next meeting.
Application Review Process
· Loan applications submitted on time will undergo a thorough review to assess the borrower’s financial standing and ability to repay the loan.
· The BDC will conduct the review based on the information provided in the application, including but not limited to financial statements, business plan, and relevant supporting documents.
Communication and Confirmation
· Applicants will receive an acknowledgment of their submission within 5 business days of receiving their application.
· A final confirmation regarding whether the application will be considered at the upcoming meeting will be sent 10 days prior to the meeting date, allowing for any necessary adjustments. Applications may be submitted via email to mparker@cityofbath.com or hand delivered to the Economic & Community Development office on the second floor of City Hall at 55 Front Street, Bath, Maine.
By adhering to these rules, we ensure that each loan application receives thorough consideration, and all applicants are given fair notice of the meeting at which their application will be reviewed.